The Dodge Construction Network released its Quarterly Report for the third quarter of 2022. Informed by the latest data, insights and analytical commentary from the company’s economic and technological experts, the report highlights trends in the construction industry and provides analysis on what to expect on the road ahead.
Read MoreCategory: Industry Economics
Construction Spending Slips in August
Total construction spending during August 2022 was estimated at a seasonally adjusted annual rate of $1,781.3 billion, 0.7% (±1.0%) below the revised July estimate of $1,793.5 billion. The August figure is 8.5% (±1.6%) above the August 2021 estimate of $1,641.6 billion, according to the The U.S. Census Bureau. During the first eight months of this year, construction spending amounted to $1,183.8…
Read MoreNew Home Sales Up but Rising Rates Portend Weakening Market
A brief decline in mortgage rates helped to boost new home sales in August but sales are expected to move on a downward trend in the months ahead as rates have since moved higher and builder sentiment continues to fall due to declining housing affordability and ongoing supply chain bottlenecks. Sales of newly built, single-family homes in August increased 28.8%…
Read MoreTotal Construction Starts Fall in August
Total construction starts fell 9% in August to a seasonally adjusted annual rate of $1.25 trillion, according to Dodge Construction Network. The decline, however, comes on the heels of a massive increase in July that saw the start of three large manufacturing plants and two LNG export facilities. In August, nonresidential building starts rose 7%, residential starts were 1% higher,…
Read MoreSingle-Family Permits Decline
Over the first seven months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 645,877. On a year-over-year (YoY) basis, this is a 5.3% decline over the July 2021 level of 681,949. It takes 400 tons of aggregates to construct the average modern home, according to the National Stone, Sand & Gravel Association. Year-to-date ending in…
Read MoreDodge Construction Network Forecasts Steady Growth
A Dodge Construction Network forecast projects a steady environment despite higher interest rates, rising prices and shortages of key labor. The OUTLOOK event hosted by Chief Economist Richard Branch gave insight into the current and future trends in construction.
Read MoreDodge Momentum Index Falls
The Dodge Momentum Index (DMI) ticked down by 1.2% in August to 171.9 from the revised July figure of 174.0.
Read MoreConstruction Spending Down in July; Highways Up
The U.S. Census Bureau reported that construction spending during July 2022 was estimated at a seasonally adjusted annual rate of $1,777.3 billion, 0.4% (±0.8%) below the revised June estimate of $1,784.3 billion. The July figure is 8.5% (±1.3%) above the July 2021 estimate of $1,637.3 billion. During the first seven months of this year, construction spending amounted to $1,013.7 billion,…
Read MoreHousing Starts Weaken in July
A sharp decline in single-family home construction is another indicator that the housing slowdown is showing no signs of abating, as rising construction costs, elevated mortgage rates and supply chain disruptions continue to act as a drag on the market. Overall housing starts fell 9.6% to a seasonally adjusted annual rate of 1.45 million units in July, according to a…
Read MoreNew Home Sales Fall to Lowest Pace in More than Six Years
In a further sign that the housing market continues to weaken, new home sales in July fell to their lowest level since January 2016. The tepid sales pace matches declining builder confidence since the beginning of the year as the industry grapples with supply chain disruptions that are delaying new home building projects and raising housing costs as mortgage interest…
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